Other Africa countries

Hello Anna,

Thats a great idea. I work and live in Nigeria. I must confess, studying alone for the exams isnt easy at all. Not that it is easy anywhere in the world, but part of the challenges we face here is that there are only a few people writing the exams, compared to UK and other parts of the world.

I have completed my CT series but this was by self study. It is hard to find a study partner because the few students that take the exams take different exams. From my exam history, i have only written an exam with a maximum of 4 students. In sept 2012 i was the only one in Nigeria that sat for CA1. It is not uncommon for you to see an exam hall with only one or two candidates.

The exams performance is unsurprisingly poor.

But then, there is a reward just like anywhere else for consistent success. The reward goes beyond the financial compensation.

I hope to connect more and share thoughts with people from around here.

 

Hi Jollyfakey - what are the actuarial opportunities like in Nigeria? How would you compare the level of pay to the UK, if you're aware of this to any extent? I work in South Africa but just somewhat interested to know how things are over there..

 

Hello Tatos,

Actuarial opportunities in Nigeria are great. There is increasingly high demand, as now the insurance and other companies are beginning to appreciate the roles actuaries can play in their institutions. Regulations, especially in the insurance industry, are beginning to create roles for actuaries.

As regards pay, it is 'generally' lower than UK institutions, but fairly close. I worked for an actuarial firm that has its parent company is South Africa and they tried to index salary increases per exam pass to that obtainable in other parts of the world. When you are outside actuarial firms, then your pay would depend on initial negotiation and subsequently on general promotions. Only 1 or 2 insurance companies here reward you for exam success.

But the advantage here is that tax isnt as threatening as in the UK. But then it depends on the angle you look at it as some guys dont believe that it is an advantage if you spend all the tax saving providing all the amenities your tax should be providing.

 

Thanks for that info Jollyfakey - I like how you reasoned out the tax implication there. Hopefully I can work that explanation in, following a point made in a CA1 question this April!

I guess it's nice to know that pretty much across the globe it appears as though actuaries earn more or less at a certain standard